Off the wire
• Xinhua China news advisory -- Oct. 12  • APEC informal leaders' meeting to attract around 1,300 entrepreneurs to Peru  • Togo official criticizes insurance companies for inaccurate piracy statistics  • Toronto stock market flat despite increase in housing starts  • Teen pregnancy afflicts 4 girls a day in Peru  • Aussie researchers say cabbages get stressed the same way as humans do  • Spotlight: Xi's trips to Cambodia, Bangladesh to push cooperation under Belt and Road Initiative  • 2018 World Cup South America qualifying results  • Financial sustainability focus of OECD event in New Zealand  • Virtual reality offers cheap treatment for everyday phobias: Aust'n study  
You are here: 　 Home

Roundup: S. Korea's jobless rate rises to 11-year high in September

Xinhua, October 12, 2016 Adjust font size:

South Korea's jobless rate rose to the highest in 11 years in September due to chronic export slump and the ongoing restructuring in shipbuilding and shipping industries, a government report showed on Wednesday.

Unemployment rate gained 0.4 percentage points from a year earlier to 3.6 percent in September, according to Statistics Korea.

It was the highest level measured in the month of September since 3.6 percent tallied in September 2005.

The number of those unemployed increased by 120,000 as those who lost their jobs are mainly in their 20s and 50s.

The youth jobless rate among those aged 15 to 29 was 9.4 percent in September, up 1.5 percentage points from a year earlier.

It was higher than any September figure since the statistical agency began compiling the data.

The number of those employed reached 26,531,000 in September, up by 267,000 from the same month of last year. It was the lowest growth since it posted an increase of 261,000 jobs in May.

Lackluster labor market came as exports continued to slump amid the global economic slowdown, leading major exporters to refrain from hiring workers.

Exports, which account for about half of the economy, declined 5.9 percent in September from a year ago. The country's exports kept falling in the past 21 months except for August.

The government-led restructuring among shipbuilders and shipping lines is going on after three major shipbuilders, Hyundai Heavy Industries, Samsung Heavy Industries and Daewoo Shipbuilding and Marine Engineering, pledged to reduce workers by 30 percent and overcapacity by 20 percent by the end of 2018.

Hanjin Shipping, South Korea's largest container shipping line, last month filed a court receivership, which is expected to raise unemployment rate in the sector.

Hit by sagging exports and the ongoing restructuring, employment among manufacturers declined by 76,000 in September, keeping a downward trend for three straight months.

The employment rate inched up 0.1 percentage point from a year earlier to 61.0 percent in September. The rate among those aged 15 to 29 increased by 0.8 percentage points to 42.5 percent.

Jobless rate was high in the country's southeastern region amid the ongoing restructuring in shipbuilding and shipping sectors.

The unemployment rate in the southeastern coastal city of Ulsan and in South Gyeongsang province advanced 0.5 percentage points and 1.1 percentage points respectively last month.

Jobs were created mainly in those in their 50s and 60s, whose employment increased by 99,000 and 219,000 respectively last month. Employment in their 30s and 40s declined by 42,000 and 51,000 respectively. Enditem